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  • Redundancy / Unemployment

Redundancy / Unemployment

Benefits of a redundancy cover plan

If you are in full time employment you should consider the benefits of a redundancy cover plan. We are all vulnerable to the potential of involuntary redundancy and the good old days of knowing that you have 'a job for life' seem to be gone.

For your own peace of mind consider how to minimise the possible financial impact of such an important event.

How can you protect yourself against involuntary unemployment?

Well you can buy peace of mind when you take out an unemployment protection plan which provides a tax free monthly amount that can be used to help you manage financially in the event of involuntary unemployment.

Once you are made involuntarily unemployed, the policy will begin to pay out after a set period of time, and whilst this can vary among different providers it is typically from 30 to 90 days after redundancy.

What income level can you expect?

A typical plan will allow you to insure up to 50% of your monthly gross earned income, or up to £1,500 - whichever amount is the lesser, and when you compare this to whatever you may receive from the State, (not everyone is eligible for financial assistance from the Government if they are made unemployed), you'll appreciate how valuable this type of cover can be.

How long will the cover pay out for?

This varies from provider to provider but most policies will pay out for up to 12 months, or until you get back to work - whichever event is sooner, giving you peace of mind in knowing that you are still receiving an income even when yours has ceased.

Why it's important to consider a policy

We've already mentioned that getting help from the State can be difficult and there are eligibility hurdles to jump. If, for example, you were unemployed and had mortgage commitments to meet, even if the State were to contribute towards your mortgage, it would only cover the interest part of the repayments.

Unemployment cover can be quite affordable and can cost from just a few pounds every month for every £100 worth of protection required.

We can advise you on appropriate providers for your needs, as cover may be cheaper when taken with an independent payment protection specialist compared with the high street banks and lenders.

This type of policy gives you financial breathing space at an already difficult time.

Company address: Synchro Mortgage Solutions Limited, Synchro House, 512 Etruria Road, Newcastle Under Lyme, Staffordshire , ST5 0SY
T: 01782 346 491 Email: [email protected]

The guidance provided within this website is subject to the uk regulatory regime and is therefore primarily targeted at consumers based in the UK.

Synchro Mortgage Solutions Ltd is Authorised and Regulated by the Financial Conduct Authority.

Synchro Mortgage Solutions Ltd is entered on the Financial Services Register (www.fca.org.uk/register) under reference: 506054. Registered in England and Wales.

Company Registration Number: 06582889. Registered address same as company address.

Synchro Mortgage Solutions are highly experienced insurance and mortgage brokers based in Newcastle-Under-Lyme and Stoke-on-Trent.

Mortgage Brokers in Newcastle under Lyme

Insurance Brokers in Newcastle under Lyme

Mortgage Brokers in Stoke-on-Trent

Insurance Brokers in Stoke-on-Trent

Our initial advice is provided free of charge. There may be a fee for arranging your mortgage, the precise amount will depend upon your scenario and circumstances but this will typically be £495, payable on completion.

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